That is AWESOME Batcharro! My guess is that it has not been attempted before because the heroes are still a little obscure, and well, creating a video game takes a lot more know-how than the average fan has. So, it won't happen until someone with both the knowledge and the passion is ready to commit to it.
Do you have an idea of which characters you want to use? I think Amazing-Man is absolutely made for a fighting game. In later issues he was a superman, but in early issues, he was more of a martial arts fighter, who happened to be capable of becoming a green gas. His enemy, the Great Question, would be good as a big bad. In one issue, the Great Question operated a giant, cool-looking mech that would be a great boss.
If you're doing a side scroller (as opposed to a 1 v 1 fighting game), I'd use Amazing Man, Daredevil, Miss Victory and Moon Girl as the heroes, with these stages:
stage: Copper City (snake themed city), minions: Copperheads, boss: The Cobra (Ace)
stage: Crime Headquarters, minions: gangsters, boss: King Killer
stage: City Ruins, minions: Robots, boss: Cerebex
stage: The Moon, minions: Lunezons, boss: Jagga the Space Raider
stage: Voltor, minions: Green Empire Troopers, boss: The Green Sorceress
stage: Hidden Sanctuary, minions: Kung-Fu fighters, boss: The Great Question's Mech
stage: Claw's Castle, minions: Clawites and Claw's human slaves, boss: The Claw
If you were doing a 1 v 1 fighting game, I'd do:
Blue Bolt vs. Green Sorceress
Amazing Man vs. Great Question
Daredevil vs. Claw
Captain Battle vs. Iron Jaw
Captain Midnight vs. Jagga the Space Raider
Magno vs. Clown
Miss Victory vs. Cobra
Moon Girl vs. King Killer
With 2000 characters now listed on PDSH wiki, there are a LOT of possibilities.